00:02Donald Trump has suffered one of the worst defeats of his political career after Republicans lost
00:08control of both chambers of Congress to the Democrats in a vote that turned into a verdict
00:14on his presidency. High prices weighed heavily on voters. About two-thirds said in an election day
00:20survey that President Donald Trump's tariffs had hurt the economy. For Europe, the outcome likely
00:26won't end Trump's tariff threats as they no longer depend on Congress. After the Supreme Court struck
00:33down his emergency tariffs in February, the administration moved them under Section 301 of
00:38U.S. trade law. That route lets the President act without a vote by lawmakers. As for markets,
00:45they have usually responded positively when the White House and Congress disagree, as fewer big laws
00:51get passed, and that means fewer surprises. Clean energy stocks, which suffered under Trump's
00:57policies, rallied an opening on Wednesday, while defense stocks went the other way. Investors
01:03fear a Democratic Congress could slow the rise in U.S. military spending that Trump has pushed
01:08for. Many European arms makers also sell to the U.S. armed forces.
